China to improve green finance standards

Beijing, Dec. 9 (BNA): China will improve its green finance standards to support carbon neutrality objectives, central bank governor Yi Gang said on Wednesday via video at the Singapore Fintech Festival.

President Xi Jinping promised in September that China would bring climate-warming greenhouse gas emissions to a peak before 2030 and achieve carbon neutrality by 2060, committing the country to an accelerated transition to renewable energy, Reuters reported. 

As of June 2020, China’s outstanding green lending exceeded 11 trillion yuan ($1.69 trillion), the biggest globally, while its green bonds totalled 1.2 trillion yuan, the second largest in the world, Yi said.

Financial technology, including big data and artificial intelligence and block chains, will play an increasing role in supporting green finance, Yi said.

He said China would strengthen its study on the potential impact of environmental and climate risks on financial stability.





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